NAR Applauds FHFA for Short Sale Directive

Submitted by BARA Staff on April 18, 2012

Fannie Mae and Freddie Mac have been directed by their regulator, the Federal Housing Finance Agency, to require servicers to acknowledge receipt of short sale purchase offers within three business days, respond to the short sale request within 30 days (with possible extension), and make a decision within 60 days of purchase offer. "REALTORS® are appreciative of efforts to speed lender responses and improve the short sale process, and hope that these new guidelines will help bring relief to distressed homeowners," says NAR President Moe Veissi.

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